Fed Power: How Finance Wins

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9780199388967: Fed Power: How Finance Wins

The Federal Reserve, created nearly a century ago, is the most powerful central bank in the world. The Fed's power, which derives from its ability to alter the money supply and move interest rates, weighs heavily not only on the US economy, but on the world economy as well. Not surprisingly, most scholarship on the Fed has focused on its economic role; however, the Fed's power isn't merely economic but is also political. Since its decisions benefit some economic sectors (and hence interest groups) and not others, it effectively makes political choices when shaping economic policy.

Lawrence R. Jacobs and Desmond King's Fed Power is the first sustained synthesis of the Fed's political role-especially the way in which it uses its power to benefit some interest groups and not others-since the 2008 financial crisis. The book closely examines the Fed's unilateral actions during the 2008-2009 financial crisis when it leveraged half of the country's net worth without a congressional vote or presidential authorization. While the country was spared a second depression, the Fed's actions doled out lopsided benefits to finance. The Fed's favoritism and unprecedented assertions of power provoked public unease and a bipartisan congressional backlash to restrain it. Fed Power concludes with bold proposals to reform America's financial management to prevent future crises and to restore democratic accountability. A powerful critique of how the Federal Reserve governs the American economy, Fed Power will be essential reading for anyone interested in how inequality has increased since 2009, even throughout a liberal presidency committed to reducing inequality.

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About the Author:


Lawrence R. Jacobs is Walter F. and Joan Mondale Chair for Political Studies at the Humphrey School for Public Affairs, the University of Minnesota, and co-author of both Health Care Reform and American Politics (Oxford) and Class War? (Chicago).

Desmond King is Andrew W. Mellon Professor of American Government at Oxford University and author of Making Americans (Harvard), as well as co-author of Still a House Divided (Princeton).

Review:


"[A] careful argument for balancing sound financial management and the public interest."
--Kirkus Reviews


"[A] groundbreaking book...Fed Power represents a vibrant form of 21st century financial populism and a vital intervention in our political and social debates."
--The Huffington Post


"[Jacobs and King] use the tools of political science to examine the Federal Reserve as an institution... [and] argue that the democratic accountability of the Federal Reserve has suffered because of the bailouts. And it's completely true that the Federal Reserve pushed their powers beyond what anyone had expected... There is a lot to be impressed with in this book."
--The American Prospect


"A welcome demonstration that grounded academic work can be entertaining as well as informative. Lawrence Jacobs and Desmond King, political scientists from the universities of Minnesota and Oxford respectively, live up to their claim to 'jettison the all-too-common hermetic language of academia in favor of candor and directness'... A book that is engaging throughout and generally persuasive in its principal thesis that the Fed is a politically loaded institution that drives rising inequality."
--The Financial Times, Philip Augar


"Jacobs and King bring a political economy perspective to the debate... Recommended."--Choice Reviews


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Book Description Oxford University Press Inc, United States, 2016. Hardback. Book Condition: New. Language: English . Brand New Book. The Federal Reserve is the most powerful central bank in the world. Without its central bank, the American economy would be subject to devastating fluctuations and instability. In maintaining this stability, The Fed dictates interest rates and designs bailouts without the usual checks and balances that pervade US policy making. Most commentators treat the Fed as an impartial referee exercising its independence to advance the best interests of America. Wrong. Lawrence Jacobs and Desmond King s Fed Power is the first sustained examination of the Fed as a potent institution in its own right and an engine for producing concealed advantages for a privileged few. The authors trace the Fed s historic development from the fiery tug-of-war over monetary policy during the 19th century to its current position as a powerful cog in the big government machine with unparalleled capacity and autonomy to intervene in private markets. Jacobs and King dissect how the Fed s programs during the Great Recession funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater. Far from serving the national interest, the Fed increased economic inequality in America and further enriched the one percent. America is heading into the next financial crisis without an effective central bank. End the Fed is a popular slogan that not only voices the people s displeasure with the Fed s favoritism, but also speaks to a national feeling of the Fed s illegitimacy. Lacking a powerful and capable central bank is a roadmap to mass unemployment and impoverishment. Jacobs and King present an energetic reform agenda to build an accountable central bank in America to ensure the economy remains stable and prosperous. Bookseller Inventory # AOP9780199388967

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Book Description Oxford University Press Inc, United States, 2016. Hardback. Book Condition: New. Language: English . Brand New Book. The Federal Reserve is the most powerful central bank in the world. Without its central bank, the American economy would be subject to devastating fluctuations and instability. In maintaining this stability, The Fed dictates interest rates and designs bailouts without the usual checks and balances that pervade US policy making. Most commentators treat the Fed as an impartial referee exercising its independence to advance the best interests of America. Wrong. Lawrence Jacobs and Desmond King s Fed Power is the first sustained examination of the Fed as a potent institution in its own right and an engine for producing concealed advantages for a privileged few. The authors trace the Fed s historic development from the fiery tug-of-war over monetary policy during the 19th century to its current position as a powerful cog in the big government machine with unparalleled capacity and autonomy to intervene in private markets. Jacobs and King dissect how the Fed s programs during the Great Recession funneled enormous sums to a select few in the finance industry while leaving Main Street businesses adrift and millions of homeowners underwater. Far from serving the national interest, the Fed increased economic inequality in America and further enriched the one percent. America is heading into the next financial crisis without an effective central bank. End the Fed is a popular slogan that not only voices the people s displeasure with the Fed s favoritism, but also speaks to a national feeling of the Fed s illegitimacy. Lacking a powerful and capable central bank is a roadmap to mass unemployment and impoverishment. Jacobs and King present an energetic reform agenda to build an accountable central bank in America to ensure the economy remains stable and prosperous. Bookseller Inventory # AOP9780199388967

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